HTX Cryptocurrency Platform Faces UK Sanctions for Alleged Russian Support
The crypto exchange, previously known as Huobi Global, has been added to the sanctions list as British authorities intensify efforts against firms 'used by Russia to evade UK sanctions.'
British government officials have placed the HTX cryptocurrency exchange on the official sanctions roster due to allegations of providing support to Russia.
Authorities in the United Kingdom announced on Tuesday that they possess "reasonable grounds to suspect" that HTX, which previously operated under the name Huobi Global, has been providing assistance to the Russian government via financial services and monetary transfers enabled by A7 Limited Liability Company and Garantex, both of which are also under sanctions. The Panama-based cryptocurrency platform represents the most recent addition to an ongoing campaign targeting organizations "exploited by Russia to circumvent UK sanctions."
UK Foreign Secretary Yvette Cooper stated: "If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken."
A representative from HTX provided the following statement to Cointelegraph:
"Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK."
The Russian Federation remains subject to punitive measures imposed by numerous European Union member states and other nations worldwide following its military operations in Ukraine that began in 2022. The European Commission revealed in April a comprehensive package of cryptocurrency-focused sanctions that included stablecoins such as A7A5 and digital currency operators with connections to Belarus.
This is not the first time HTX has faced scrutiny from British regulators. The country's Financial Conduct Authority initiated legal action against the platform in 2025 for conducting unauthorized cryptocurrency advertising campaigns across social media platforms. According to the UK regulatory body, HTX had distributed promotional content on TikTok, X, Facebook, Instagram and YouTube, breaching established marketing regulations.
Russia could criminalize crypto activities with new legislation
Russian legislators moved forward in April with proposed regulations that would enable government agencies to apply criminal sanctions against unlicensed providers of digital asset services and require registration with the nation's central bank. These regulatory proposals were introduced together with legislative bills that successfully cleared their initial reading in the parliamentary lower chamber, establishing restrictions on cryptocurrency access for individual investors and strengthening an existing ban on utilizing digital assets for payment transactions.